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Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Carrying Amount of Goodwill and Intangible Assets | The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands):
|  | December 31, 2022 |  |  | Adjustments |  |  | Write-off |  |  | June 30, 2023 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 991,539 |  |  |  | 55,864 |  |  |  | — |  |  |  | 1,047,403 |
|  | $ | 1,326,548 |  |  | $ | 55,864 |  |  | $ | — |  |  | $ | 1,382,412 |
|  | December 31, 2022 |  |  | Adjustments |  |  | Amortization |  |  | June 30, 2023 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 33,499 |  |  | $ | — |  |  | $ | (2,464 | ) |  | $ | 31,035 |
Institutional Group |  |  | 97,090 |  |  |  | 5,500 |  |  |  | (6,606 | ) |  |  | 95,984 |
|  | $ | 130,589 |  |  | $ | 5,500 |  |  | $ | (9,070 | ) |  | $ | 127,019 |
The adjustments to goodwill and intangible assets during the six months ended June 30, 2023 are primarily attributable to the acquisition of Torreya Partners, LLC (“Torreya”).
Intangible Assets | Intangible assets as of June 30, 2023 and December 31, 2022 were as follows (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 227,405 |  |  | $ | 116,189 |  |  | $ | 225,631 |  |  | $ | 109,216 |
Trade names |  |  | 30,359 |  |  |  | 21,625 |  |  |  | 30,359 |  |  |  | 20,861 |
Non-compete agreements |  |  | 10,071 |  |  |  | 7,753 |  |  |  | 9,440 |  |  |  | 7,158 |
Core deposits |  |  | 8,615 |  |  |  | 7,812 |  |  |  | 8,615 |  |  |  | 7,389 |
Investment banking backlog |  |  | 8,913 |  |  |  | 4,965 |  |  |  | 5,545 |  |  |  | 4,377 |
|  | $ | 285,363 |  |  | $ | 158,344 |  |  | $ | 279,590 |  |  | $ | 149,001 |
Amortization Expense in Future Periods | As of June 30, 2023, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2023 |  | $ | 8,960 |
2024 |  |  | 17,170 |
2025 |  |  | 14,952 |
2026 |  |  | 13,362 |
2027 |  |  | 11,963 |
Thereafter |  |  | 58,494 |
|  | $ | 124,901 |

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